i'm thankful for my little five month old sun. >> and you look like that. it's unbelievable. melissa: all, my boys at home. i love you. that's all the "money" we have. have a great thanksgiving. see you back here. ♪ gerri: hello, everybody. i'm gerri willis. it has been said the definition of insanity is during the same thing over and over again and expecting different results. how does this apply to obama's next four years in office? it's no secret is foray into a venture capital did not go so well. many hemorrhaging cash by the day. others have gone bankrupt altogether. i recently sat down with robert

bryce senior fellow at the manhattan institute. he tells us what another four years means for america's energy policy. we assumed it was safe to betshw that the president would bebethe doubling down on his re administration. his new >> i hope he takes a differente tack. we see solyndra, begin, begin pr power to raise fuel. gerri: we just show a whole list . >> and it is extraordinarily costly for the taxpayer. a better path if he is really interested in green technologyis or clean technology is setsted e reform the research and development efforts at the federal level so that if there is some breakthrough to be att3 the federal government can findh eakthr clearly this venture-capital model has failed. gerri: some breakthrough to be

found : company have found it already? and me, that seems to be the>> u lows to of theld most logical.ga the president gave us a little sneak peek in his acceptance he speech. a listen to this.s >> we want our children to live in america that not burdened byi debt, not threatened by thebuen destructive power of zero warming planet. a i am looking forwardin to reachg out and working with leaders off both parties to meet theing wieo challenges we can only sell together. gerri: that sounds like a like d to we did the first four years. at think all the more of the same. >> i watched the president's >> wch. the globelal warming, and stuckc outau because what has happened? and the iea, just a few months ago announced that the u.s. hase reduced its co2 emissions moresa than any other country in the world. a remarkable accomplishment. why? because of natural gas. clearly what i think will happen

in the next four years, the obama administration and the epe are going to continue imposing regulations on the coalposing industry, which will lead to more natural gas-fired generation capacity in the u.s. clearly also going to lead toclo aore coal exports from the united states. nt gerri: does not reducing we are using. here is with the national minin associatioln had to say. current administration policy virtually precludes the construction of nuclear calli based plants. necessary platform for the technology the president advocated. the same policies have skewed the market against call. theshave do you agree? >> i think that is clearly the case. think t you have a lot of haregulationsn are putting pulled behind the eightball.cool natural gas in many parts of thl country that is priced underuntt col. what is happening to back theu. u.s. will be exporting moreexpoe

cool, but the key point here with regard to global warming i this. last year 2011 alone, global colton's bunch increased by almost 4 billion. that is equal to all glow worse global solar, wind, and biomass combined. alone the idea that the u.s. is not try to solve this co2 issue isec fundamentally flawed. i don't know where he isthat dreaming he will be able to of solve this issue. gerri: we have a long way to go. i know we will hear from you again soon.robay o thank you for coming on.ro have a great weekend. >> thanks a million. gerri: the clock ticks down for washington to come up with a solution to the fiscal cliff, another group of folks expected to meet -- expecting to get hit hard. i'm talking about college savers. my next guest says many families will be worse off next year compared to this year. here to explain, founder and publisher of stayed.

welcome back to the show. always great to have you. let's start with this idea. what is the fiscal cliff? what is it going to do if we take the budget cuts to college students aids? >> well, in two ways. the sequestration will cut all student aid but the pell grant by 8 percent across the board. the pell grant sheltered in 2013. come 2014 and also will be cut automatically by 8%. american opporunity tax credit expires the end of 2012 as well. gerri: it sounds like -- and here is your number right here. the fiscal cliff hits it could result in a percent cut in federal student aid. clearly people are going to seek higher costs for college. how can a company that if they have to do it on their own diamond cannot borrow money? >> they need to say before college. every dollar you save is a

dollar less you have to borrow. search for scholarships on free web sites. every dollar you when is a dollar less you have to borrow. gerri: and definitely make sure you are saving. i think that is obvious. let's break this down a little bit because there is all kind of student aid. the impact on pell grants, federal student loans, and dollars tax credit. this fiscal cliff and going over it. pell grant impact. >> well, the pell grant has been unchanged for two years. going to increase by $85, a drop in the bucket. but they still face an $8 billion funding shortfall which has to come from somewhere when you are trying to plug the fiscal cliff you have to cut something to retain the program. that is probably going to be eliminating subsidized interest on student loans which could seat three-quarters of the way. tie in eligibility so that fewer people qualify. gerri: federal student loans. >> student loans, subsidized interest.

to the subsidized stafford loan will go away. and the three nap% interest-rate that extended to my in the midst of this election, that won't get extended beyond june 38 because there is no election next year. gerri: college tax credit, any change? >> well, the american opportunity tax credit will expire at the end of 2012 if it is not extended we refer to the hope scholarship tax credit which means from $2,500 a year to 1800, maybe $1,900 a year and only two years to four. gerri: thank you for coming on. an absolute pleasure to have you. this is something that no one thought about what the fiscal cliff. so worried about other stuff, taxes, defense dollars. >> thank you for having me. gerri: a warning for online investors. they may have a cute baby spokesperson, but e-trade and others like it may be charging you didn't these. the results of an important new

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ally bank. your money needs an ally. ♪ gerri: well, the irs issuing a warning that if congress does to address theg that if fiscal cliff and the alternative minimum tax passed tens of millions of us could be hit wit a vecry large tax bill. also might not want to be able to file much later, so expect major delays for that refund. a you with more, a co-founder. er i cannot get over this wholev story. st we have the fiscal cliff. part of that, but the irs is saying we're not going to changi our computer program because we really don't know what willor ce .really d't it could be chaos out there. ou >> they are expecting that theyh will sign a patch like they have fin every year, but -- a

gerri: and that means the law goes back to what it has been of the past 12 months, and you don't have to pay that. t w many people would be on thes hook? ha will what it means?eople would b >> right now theree are about 4 million infected people, butfr that would go up to 30 some odd million people.on so 28 million people would now be thrust in. if you remember, this was going t be t back to 1969, 1970. to 155 people is what they wanted to get that were not paying0 enough taxes. >> every year more and morewheri people got in. but now with this the virus isep saying, hey, we assume it will happen and it doesn't, then no one will be able to file their tax return on time. if you're expecting a refund you will not get it. actually, this is back toe y something we havei been telling clients for years. not investmentnan account, getting a lot of revisions, you can't tell yourrs tax return in february andsions. march, but everybody who gets aa refund wants to because they gey their money.

is goieople who were expecting that money. lucky if they can file by aprili based on how this is going. gerri: the bottom line for a ttom second. because if you have to pay, it means you pay more money.t means it's more expensive. your taxes are higher. by how much?ch? gerri: -- >> well, normally your deductions and your income, you are expected tot pay ex. basically a completely separate taxed and that you have to do,s and if that amount is more you pay the higher. what this amounts to is an additional approximately according to the tax policy center $3,700 per tax filer. gerri: so nice to hear that we get to pay more taxes. it's not just the amt at the end of the year. all the bush tax cuts. ge we don't know. we don't know what will happenu with that.ear, cap capital gains taxes, all of this changing. what are you telling yourre youu client? >> well, most of the calls we'rt

getting in the discussions we are having a more about thel spending because you realize that even if you get all of this spding. money, they don't come togethert and everyone lies in the sand. everyone has to pay the $3,700td on average, you raise aboutnav 100 million. if you tax the high-wage earners you earn another 80 billion. that's still only gets you soiln far to the 1 trillion. gerri: it does not take is anywhere near paying off our dead. >> $3,700 to an average family right now oppose the average 2%0 you have to pay back to social security because that is no longer there. real money for people at a timef when you probably can ill afford to spend it. gerri: summarize what you're saying, don't pay your taxes early hoping to get that refund because it is just not going to happen. beware. and you have to check for it. you have to make sure the you run the numbers. >> your tax program in your account. subject to weather not, but the differences 4 million or perhaps 37 millionnce is 4 million or perhaps 30 some odd million

people. gerri: the irs doesn't care. they're not running the computer programs to do it. that is for preventing insiders are selling the stock. on to more important news for online investors. over 17 million investors are overpaying. more than $1.8 billion every year. joanna pratt, vice president of financial markets. thank you for coming on the show. this is important news come you guys have conducted a big study of all the online major brokerages. how is it that you believe so many of these investors are wasting their dell remapped. >> well, thank you for having me. we did a big study, and what we found is that people don't really do a lot of homework beforehoosing online for a purge. instead, they rely on the talking baby commercials.

and really onthe recommendations of friends. what you end up with -- i'm sorry? gerri: go ahead. >> will we end up with is people paying nine or $10 for basic equity trades when the reality is there are more than 70 different online brokerages out there. virtually all of which can do the same thing for only 1 dollar or $3. gerri: this is what ieally want to zero in on. the range of prices you can pay, take a look at this, a speechwriter will charge you 99 cents for a trade. if you go to e*trade, it's $9.99. charles schwab, $8.95. why are there such different and huge varieties in trades when any consumer can simply look this up and find the cheapest one? >> picture does a lot of people just don't bother to look it up.

the reality is that schwab and e*trade, they each spent an average of more than $200 million a year on advertising that gives consumers a real sense that they are sirs brokers. the truth is that interactive brokers have been around since 1977, they have over 200,000 customer accounts and they are a very serious brokerage and the only charge a dollar trade. so that's a great alternative. gei: another thing that people like to talk about is charles schwab in the 10 seconds, e*trade, -- if you care about that kind of income and the execution is really quick. and investing in online brokerage deals. there are bonuses he can get. e*trade has bonuses of 50 to 5500, cash bonuses, ameritrade giving out $100 or $600 in cash bonuses. charles schwab will give you a free and short of it with an

initial deposit. they are really paying off for these accounts. there must be a lot of competition. do you see a shake coming? >> not necessarily. most of the consumers that we talked to seemed pretty happy with e*trade and ameritrade. i think it is really a sense of trust. you see the baby commercials. if you like all your friends are treating her. so we really don't see anything in the short run to change things. they have a good thing going and they have a good thing going and they will probably can i help you?

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♪ gerri: obamacare, taxes,nd regulations coming to you soon. here with the manhattan institute, a senior fellow. thank you for coming on. we appreciated. i want to talk about what people can expect coming up on the horizon in the short term because this all rolls out over several years. what taxes, for example, will people face in the new year? >> in 2013, todd teefourteen is a big ulk of the taxes. 2013, we will star to see the investment tax and a tax on dividend income. gerri: that will have a big impact. >> that is why the stock market has reacted. the cost of capital will be significantly higher, but in 2014 you will start to see their real bulk, the 1 tillion in

taxes, the bulk of that will be in 2014, the spending will start to kick in as well. 2014 is the big year. gerri: we start to seeit. we have seen a little it all along. we saw keeping your kids and your insurance polcy for longer, all that kind of stuff that people really like it happened earlier, but now we're getting to the nitty gritty. now it's the taxes. even now, people don't like the law. if you look at exit polling on obamacare from the election just last week, the majority of people want obamacare either repeal or rollback. the question is, of course, the president won the election. had you do that? >> there is not a way to repeal a law, even if romney hadone, republicans lost two seats in the senate. there's only so much you can do if you have control of congress. you can do some things, but not much. there is very limited the amount that you can do.

would you can is use the law as, perhaps, an outlet foreforming entitlements. that is one thing that obamacare, that may be the legacy. this huge competition for resources. the big health care entitlements. republicans will have some say as to how that plays out. gerri: what you're aying is, it sounds like what you're saying is some of the money could be diverted some morales. >> the irony of a lot of this health care politics is that democratcriticizepaul ryan for the premium support plan for medicare reform. the obamacare exchanges whi apply to people who are a low-middle income also is a premium support plan. so democrats have an argument against applying the obamacare racing just medicare? and mean, they like obamacare. what would be so terrible about migrating seniors into the obamacare exchange as a wayto reform medicare using a democratic approach. gerri: you're turning the law and set a little bit there. interesting florid for example

, medicare and medicaid. very important. 27 percent of doctors are not accepting medicare patients right now. is that going to get better or worse? >> is going to get worse because the cost pressure and spending pressures of medicare, the politicians have cheated. when not going to reform the program to make it more efficient. eulogist pay doctors and hospitals less to cover this impatience. at a certain point doctors quit and house bills go broke. the medicare actuary says that 15 percent of all hospitals will go broke by the end of the decade because of these cuts. 30 percent by 2030. austral's according the program. gerri: that is why the entire industry is restructuring. martin, trying to come together. doctors tell me they don'think they can hang out their own shingle anymore because it will be so expensive to be a single practitioner. >> that's true. what is happening, that is driving of the cost of health care because the reason may sign a prosperous is hospitals can charge higher prices. gerri: something that i thought was very interesting in telling. obamacare will be the ast

entitlement that this country will ever put forward. how can you be so short? >> you c never be sure, of course. we are broke. it would be pretty impressive to see a massive expansion again. health care is really the last major building block of the welfare state. once you have that. gerri: you have everything. and, of course, as is so obvious, once you pass a major entitlement because never comes down. all right. thanks f,

i like to see how many net new jobs and those companies, an increase in the last ten years. i'm guessg virtually zero. >> is talking to the wrong

crowd. i want to bring up another topic that is near and dear to your heart, education and job-training. i know you do it inside your company. very keen on it. they are concerned there will be huge cuts to the program. actually bankroll this kind of education, this kind of training for workers. what is your you? >> well, they are probably going to cut those programs that do provide on-the-job training. but as they continue to raise the cost of young and unskilled workers in a typically the hospitality industry have taken and molded and trained, that person is going to get a second look as to whether we can afford to keep them on for a couple of years as the alarm on the job. gerri: the burden of these taxes. at the end of the day what will it mean for employment among small-business operators like yourself? >> oh, absolutely. it is going to -- those four and a half million small business

people that create two-thirds of the new jobs that are passed through, most of us, as well season sub s, taxes are all going up. as karen carpenter once sang, it has only just begun. a whole range of new regulations it will cost us money and jobs. gerri: i hope you'll come back and talk to us at each turn in this saga. we really appreciate your time. just terrific to see you. see you. >> thank you. gerri: still to come. are you saving enough for retirement? in numbers tom4. and but the election over, the housing market. four more years of president obama. will we rebound? first day at school.

what's in there? he's about to fall over. just anything he might need. there's a box of tissues on the bottom and some band-aids; there's a whole first-aid kit, actually. mom, i can handle it from here.

announcer: you don't have to be perfect... bye-bye. have a great day. that's too much pressure. have the day you have. to be a perfect parent. yes! timothy: there are two people in the world who want you more than anything. they'll make some mistakes, but they will love you more than you can ever imagine. announcer: there are thousands of children in foster care ho will take you just as you are. ♪ gerri: the president facing another four years. pres at the center of the acc will deal with, the complete --e country's housing problem.obl. 10 million homeowners remainma under water, struggling to sell or refinance debt. what does another four years of obama mean for these americans? me for t >> ask the chief economist. welcome back to the show. one of the interesting things he said in a brief interview was that the issue was not talked about in the debate.inte tell us about that. >> good to be back.

housing is probably the most important issue facing the country that that pretty much nt attention in the campaign.ry got campink there are a couple of reasons why the candidates did everything they could to not reason talk about housing. everyt for one thing, the housing ho market has started to recover. prices are up, construction isoe rebounding, sales are up. gerri: we have a long way to got in reality the real problem is so many people cannot get out thes under these mortgages.r you mentioned the president haso a refinancing program, but let'd face it, precious little shack tv attraction.ce it. tohee.k stocks seem to want play.t thingson't s slow to the party to refinance ey are these loans. t what ihs the likely impact of tl federal government on housing? one a be a recovery that starts from the ground up, not the tops fr down? >> there is still a long way tog go. a couple of the pressing issues, underwater borrowers, the that is improving as prices are rising, but big foreclosures on inventory.ventory is ather

particularly florida. some states in the northeast ans midwest. that is a challenge. people going through that process and the local markete pp because the foreclosures willro lay down on homcee prices.l waio gerri: a lot of talk about doina something to make fannie mae and freddie mac work better, get rid of them. what do you think is the right i solution? >> that is a big long-term question that the obama andrm qo dministrations will have to deal with. [inaudible conversations] to deal with. right now, the government is involved in guaranteeing and investing an investing in a vast majority of new mortgages. the transitions are so important. you can just take the government out of housing suddenly because the mortgage market would come to a halt. the biggest question is what happens with mortgage regulations at the end of january? new rules will be issued around what they deem a borrower able to repay.

it could have to do with what banks are willing to write. gerri: do think that will make a big difference to consumers? they are selling it as you''re going to have this misinformation yoo didn't have before. but we had a boom in mortgages when they were supposedly completely difficult to understand. what you think will be the real impact of that? you say that things will decide what kinds of loans. what is the real impact? how might it change how they went? >> the real impact will be whether it is easier for consumers to get a mortgage or not. right now, mortgage lending standards are as tight as they have been througho the housing crisis. the credit score remains high. surveys of loan officers are not getting any easier. some of the barriers to homeownership, consumers ao need to be able to get a mortgage. but that doesn't change, it will be hard for people who want to

become homeowners to do so. gerri: do you think the banks will make it harder toget loans on the basis of these new regulations? >> is that what you're saying? these new regulations could have a big impact on the loans and how they originate. also, how much they have to keep on their books or hold against those loans. again, we don't know exactly what the mortgage standards are going to be and what the standards will mean either for legal or financial responsibility. but banks things are very concerned about what they might mean. and that will influence what the mortgage market looks like after january the. gerri: thank you so much for coming on tonight. we appreciate your time. gerri: covering all of your big investments from housing to cars. are you sick of your car commute? unless you live in the following places, it could be worse. a look of the cities with the @%rst traffic. number five is our nation's capital, washington dc. interstate 495, packed with

drivers coming from maryland or virginia. drivers spend 45 hours sitting in traffic every year. number four is inconsistent. the golden gate bridge is a constant headache for those in california. number three we head down south to the pacific highway to los angeles. 13 million commuters can you into the city every day. 80% drive and 56 hours spent in idle cars. and of course, new york city, the big apple. they spent 57 hours or two and a half day sitting in traffic, especially if you're trying to get out of town on a friday afternoon. the number one worst city for traffic -- or not to believe this -- honolulu, waii. unbelievable. hawaiians would spend an average

♪ gerri: just how teep as the price of confidence? according to a new wells fargo's survey 250,000. americans with thakind of cash in their retirement account said it will be just fine in their golden years. retail retirement director. thank you for coming in tonight. the tipping point is 250,000. is that have more to do with reality orjust confidence?

>> confidence. percent of these respondents is a more than 250,000 set i feel like it will be will to have the kind of retirement of want. gerri:hat's interesting, the majority of workers say they guess the percentage they need to put away. people who have more mone had been planned. is that because the more affluent can afford a plan or they're just more keyed and? >> what is interesting about this survey that we did was that two-thirds of the individuals who have saved 250,000 or more in investable assets have a household income of 150,000 less. does not the one percenters, not what we would consider wealthy heiress. they have been able to achieve what week considered a fallen levels of saving. 71 percent of them.

saving more than is typical. gerri: commoners, getting a plan is something that you should do. toas the most confidence? one of the things we have been reporting on a lot, so many people out there don't have a lot of confidenc, specifically in the stock market. very worried about it. udc having confidence in the market and feeling like they can be in the market and not worry about it? >> $2,002,000 level seems to be a point at which over half of them said i have confidence in being in the equity markets. conversely only oe-third of us to have a lot less money are interested in being in the market. they tend more to be in the cds, money market. fixed the low rate environment. tolerate thevolatility of the stock market. gerri: it's interesting to hear people talk about the money.

mean that by them what they expect. a lot of discussion, entire books written on the magic number. what do you tell your clients? what does was hard to tell its clients about determining their own perfect number for retirement? >> it's an individual thing, just like health care. it depends on how healthy you are, what age you want to retire, how much you save, how much to think you're going to need or have. a very individualized written a personal plan. talk about how much of want husband and retirement. that's where you deride how much should be saving of what my number needs to be. it is not a one-size-fits-all. gerri: u.s. one interesting question in this survey. i have to hear the answer. would you be wling to take a reduction in social security and/or medicare benefits to help the country move forward? >> about half of them said no. [laughter]

>> i'm not interested. not interested. gerri: everybody i hear from say, i pay for security. say, i pay for security. i put that money and. [ male announcer ] at scottrade, we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500 locations, where our dedicated support teams help you know more so your ney can do more. [ rodger ] at scottrade,

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what do you want to do? i thought this was bad news. i have to say. i know a lot of people offended, but at the end of the day the markets seem to be open. >> that's right. and you hate to have these devastations of people moving eossy around whn there is a >> money around when they're is a loss of life and property, ann we all feel for that.r that. but my job is to let markets. in the post september 11th world is seems to me that we ha to have plans in place to assume that the worst will happen. the storm did not sneak up on us. we knew was coming and really it should be flicking a switch. ghost a remote site, and you could continue trading. obviously know when to be at the new york stock exchange, but electronically. gerri: they said they would do that after september 11. >> what they did, field of dreams, if you build it there

will come. what happened here is the new york stock exchange belted, but traders didn come. they didn't do all the testing to make sure. they had the rain slickers and galoshes, but they did not try it on. gerri: today have an actual location not in manhattan? >> is still in manhattan, but it should be more remote because you don't want anybody going into harm's way during onof thes things. the reason i'm concerned, it isn't just what is trading in equities. these are global markets, and a related to us of the futures markets on financial futures, they get shut down a chicago. people are impacted in london, shanghai. it's a mess, and we need to do better. gerri: let's bac up five steps until people why it's important for the market to be open. >> these markets absolutely are the grease that run the economic engine of our democracy. when you have orders in and don't know where your money is and it's all the for days, the markets in other places around the world a continuing to trade. you are in limbo, scare, in jeopardy. gerri: you want people to trust

the market. >> absolutely. gerri: the open helps. >> we have some any samples in the financial sector with problems, this or that, barclays, ms gobal, different banks doing things, the last thing we need is to put into the mix a concern about exchanges. gerri: all right. i want to move you to a different topic.. something michele, having big, big losses that affect all the markets. the cftc tried to stop that. >> we put in a rule. and we were mandated to do this. people can say whatever they want. this is something that i think a lot of people support. you put a cap on the amount concentration that any one trader can hold in a market. i have seen them hold 30% in

different markets like silver, crude oil, natural gas. obviously if he saw that at one time he can push markets around. cover said put a cap on it. we did tonight days before we were going to implemented a judge threw our case out through a case out that the financial speculators had taken against us. so today we are appealing that decision. it just happened literally may be an hour-and-a-half ago. i had not talked about the ad. employees to be under shut to do it. i hope it sends a message the regulators will be pushed around with the biggest speculators in the world to have deep pockets and think they can just litigate us to death. are going to go after them. this is about consumers. we talked about the men to their everyday about ensuring that they pay a fair price that does not have a speculum a premium for just about everything they ultimately purchase. gerri: prices, but also confidence. what has been going on in the marketplace is really attacking consumer confidence. the belief right now 10 percent of people in our recent survey

said they had confidence in the stock market. that's not good. many people investing, not sitting on their hands. i can hear the dim roar from traders all of the country. that's not fair. what kind of limits are you putting in place? where the owners? >> 10%. you cannot control more than 10 percent of the market. we received 13,000 comments, and there are only and phil, 34th 40 and 13,000 that said 10 percent of the market was too low. you need to control more. it really is the concept of being able to have limits that most of the traders, the big banks to mike. we have thousands of letters from individuals, little guys he said, you need limits. the markets of being pushed around, at times, not all the time, by these large traders that all massive concentrations. gerri: i know a lot of people are concerned about this, of individual investors are staying, not investing. interesting to see who works out.